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Microeconomics: Principles and Policy 13th Edition

William J. Baumol | Alan S. Blinder

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Overview

Guide your students in mastering the basic principles of economics with the strong policy-based approach and vivid examples found only in Baumol/Binder's MICROECONOMICS: PRINCIPLES AND POLICY. The authors -- two of the world's most respected economists -- examine the most recent economic events and policy developments, skillfully relating them to important concepts and principles. The thirteenth edition uses data drawn from 2014 and presents new insights into the prospects for future U.S. growth and leadership. Also available: the MindTap® digital course option and the Aplia™ online homework solution.

William J. Baumol, New York University

William J. Baumol received his B.S.S. at the College of the City of New York and his Ph.D. at the University of London. He is professor of economics at New York University and senior research economist and professor emeritus at Princeton University. He is a frequent management consultant to major firms in a wide variety of industries in the United States and other countries as well as to a number of governmental agencies. He has been president of the American Economic Association, and three other professional societies. He is an elected member of the National Academy of Sciences, created by the U.S. Congress, and a member of the American Philosophical Society, founded by Benjamin Franklin. Dr. Baumol is the author of more than 35 books as well as hundreds of journal and newspaper articles that have been translated into more than a dozen languages.

Alan S. Blinder, Princeton University

Alan S. Blinder earned his B.A. at Princeton University, his M.A. at the London School of Economics and Ph.D. at MIT. He teaches at Princeton University and is the author of the best seller, After the Music Stopped, about the financial crisis and its aftermath. Dr. Blinder served on President Clinton's first Council of Economic Advisers and then as vice chairman of the Federal Reserve Board, thereby playing a role in formulating both the fiscal and monetary policies of the 1990s. Dr. Blinder, now a regular columnist for THE WALL STREET JOURNAL, has written newspaper and magazine columns on economic policy for more than thirty years. He is a past Vice President and a Distinguished Fellow of the American Economic Association.

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  • “BEYOND THE FINAL EXAM” FEATURE REINFORCES CONCEPTS FOR STUDENTS. The popular Ideas for “Beyond the Final Exam” feature is introduced in Chapter 1, and then integrated throughout the text to reinforce important concepts and help students prepare for success on exams and more.
  • CHAPTER-OPENING REAL-LIFE ECONOMIC PUZZLES OR ISSUES LAUNCH INTEREST IN THE CHAPTER'S MATERIAL. These engaging Chapter Openers bring economics into students' everyday lives or reference current events they've read about in today's media. A chapter-opening economic problem is revisited within the body of the chapter, clearly illustrating how the professionals can address the challenge using the chapter's theoretical tools and concepts.
  • CHAPTER-OPENING REAL-LIFE ECONOMIC PUZZLES OR ISSUES LAUNCH INTEREST IN THE CHAPTER'S MATERIAL. These engaging Chapter Openers bring economics into students' everyday lives or reference current events they've read about in today's media. A chapter-opening economic problem is revisited within the body of the chapter, clearly illustrating how the professionals can address the challenge using the chapter's theoretical tools and concepts.
  • UPDATED "POLICY DEBATE" BOXES ENLIVEN CHAPTERS. This edition provides timely, intriguing "Policy Debate" boxes that bring chapter topics to life while opening the way for dynamic classroom discussion.

Microeconomics: Principles and Policy

TABLE OF CONTENTS

Part I: GETTING ACQUAINTED WITH ECONOMICS.
1. What Is Economics?
2. The Economy: Myth and Reality.
3. The Fundamental Economic Problem: Scarcity and Choice.
4. Supply and Demand: An Initial Look.
Part II: THE BUILDING BLOCKS OF DEMAND AND SUPPLY.
5. Consumer Choice: Individual and Market Demand.
6. Demand and Elasticity.
7. Production, Inputs, and Cost: Building Blocks for Supply Analysis.
8. Output, Price, and Profit: The Importance of Marginal Analysis.
9. Securities, Business Finance, and the Economy: The Tail that Wags the Dog?
Part III: MARKETS AND THE PRICE SYSTEM.
10. The Firm and the Industry under Perfect Competition.
11. Monopoly.
12. Between Competition and Monopoly.
13. Limiting Market Power: Regulation and Antitrust.
Part IV: THE VIRTUES AND LIMITATIONS OF MARKETS.
14. The Case for Free Markets: The Price System.
15. The Shortcomings of Free Markets.
16. Externalities, the Environment, and Natural Resources.
17. Taxation and Resource Allocation.
Part V: THE DISTRIBUTION OF INCOME.
18. Pricing the Factors of Production.
19. Labor and Entrepreneurship: The Human Inputs.
20. Poverty, Inequality, and Discrimination.
Part VI: THE UNITED STATES IN THE WORLD ECONOMY.
21. International Trade and Comparative Advantage.
22. Is U.S. Economic Leadership Threatened?
Appendix: Answers to Odd-Numbered Test Yourself Questions.
Glossary.
Index.

Cengage provides a range of supplements that are updated in coordination with the main title selection. For more information about these supplements, contact your Learning Consultant.

FOR INSTRUCTORS

Instructor's Companion Website

ISBN: 9781305397972
The Instructor Online Resource Website contains key supplements designed to aid instructors, including the Instructor's Manual, Test Bank (powered by Cognero®), and PowerPoint® lecture and exhibit slides. All supplements are updated to match revisions made to the text.

Cengage Learning Testing, powered by Cognero® Instant Access for Baumol's Microeconomics: Principles and Policy

ISBN: 9781305498525
Cengage Learning Testing, Powered by Cognero®, is a flexible online system that allows you to author, edit, and manage test bank content. You can create multiple test versions in an instant and deliver tests from your LMS in your classroom.